Leaseholder specific terms in lease

Arrears

Communal areas

The parts of the building or estate or services shared with others - this is more fully described in your lease.

Equity or shares

The percentage (%) of the property owned by you or by Johnnie Johnson Housing.

Freeholder

A person or company who is granted full ownership of land and/or building.

Home or property

An apartment, maisonette, bungalow or house including any private garden, outbuilding or garage.

Lease

A legal agreement which sets out the rights and responsibilities of both leaseholder and landlord.

Leaseholder

Someone who lives in a property who has purchased part or all of the equity. Leaseholder can also be used in relation to a Shared Owner.

Leasehold scheme for the elderly (LSE)

A scheme with a minimum age restriction (most LSE schemes apply a minimum age of 55 years). LSE leases often contain a restriction on the percentage equity share for sale to a maximum 70%. You should check the lease for your scheme for the specific restrictions applicable.

Redecoration of communal areas

Normally refers to flats, and the areas (both external and internal) which are decorated usually every four or six years dependant on exposure to the elements and in accordance with the lease and stock condition survey. Cyclical external re-decoration may also apply to some of the leasehold schemes for the elderly (LSE).

Re-sales

Term used to describe the procedure when you sell your home or share of a Shared Ownership home.

Service Charge

A charge which covers expenditure required to maintain the conditions specified in the lease. Charges may include the cost of delivering services specified within the lease e.g. Independent Living service, gardening and cleaning contracts and may also cover the cost of services such as communal heating and lighting.

Shared Owner(s)

Person(s) who has/have purchased an equity share in an apartment, house or bungalow (other than a LSE property). Shared owners often purchase either 25%, 50% or 75% equity shares and at most schemes, shared owners can staircase up to 100% ownership.

Sinking Funds/Provisions/Long Term Maintenance Fund

These are all terms used to describe a fund set up to budget for major expenditure e.g. roof repairs, window replacement and cyclical redecoration.

Staircasing

The process of purchasing additional shares of your home if you are a shared owner.

Leaseholder legal words used in lease agreements

Common parts

The parts of the building or estate that can be used by all the residents e.g. stairs, lifts, paths and communal gardens.

Covenants

A legally binding promise as a condition of the lease.

Demised premises

The part of the building which has been sold to you and which is your responsibility. This will be defined at the beginning of your lease and will be detailed in red on your title plan.

Exemptions and Rights

Those rights which we keep, as landlord, over your home e.g. drainage rights through shared pipes and access for repairs.

Landlord or lessor

The owner of the land and building, who is entitled to receive rent, ground rent and service charge (as applicable in the Lease) and to whom your property will revert when the lease comes to an end unless you formally extend your lease or in certain circumstances, purchase the freehold.

Reservations

Those rights which we retain from the property sold or let to you.

Tenant or Lessee

The person who owns the benefit of the lease and has the right to live in the property.

Your home, your handbook

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